SNXweave Weekly Recap

Spartan Council and SIP updates

Present at the September 1, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, Ale, Burt, Danijel, Kain, ksett, TerraBellus
Core Contributors: Cavalier, Darius, Jordan, KALEB, noah, Rafa, Steve, sunny

Grants Council

Present at the September 1, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, JVK, Mike

Ambassador Council

Present at the August 31, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

  • Support of instant deposits and withdrawals vs. round system
  • Capability to sell multiple strikes which allows for more diversified risk
  • Increase in capital efficiency and yield
  • Currently have a private testnet for a message-passing data layer
  • On the liquidity layer, the team is focused on expanding to more chains
  • Socket scan: a public port for the whole bridging community to be able to match source and destination transaction hashes
  • Route splitting: splitting transactions across different paths to arrive at the same destination more efficiently
  • They also applied for an Optimism grant; funds will be used to incentivize Optimism liquidity and fund grants to expand on use cases
  • Contracts are very light — they never actually hold any funds
  • There are no proxies in the contracts, so they cannot be edited
  • Audits and peer reviews are very important to Socket
  • There is also a public bridge framework to objectively assess the security of the bridges in the system in a transparent way
  • There will be an option soon to sort bridge path by security score as well

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SIP/SCCP status tracker:

SIP-252: Liquidation of SNX Escrow, Status: approved

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